(Moble Vending)Business Planning

Imagine building a house from scratch without building plans. Well, thats exactly what a lot of entrepreneurs attempt when the decide to open a new mobile business. This probably stems from two different reasons: 1) The approachable cost of entering the mobile catering business lulls many new entrepreneurs into the idea that they can just “wing it.” 2) Many new entrants into the Mobile Catering business do not come from the formal Food and Beverage industry; they are transitioning from another career and are unfamiliar with the thin margins associated with professional food service. But, just like building a house, the less experience you have, the more it behooves you to accurately understand both the market that you seek to enter, and when (or if) its possible to make a profit from your venture.

While the entry costs associated with opening a mobile vending unit may be lower than their brick and mortar peers, that doesn’t mean that your time is worth any less than in any other profession. By doing some clear, well reasoned, and thorough research in your business plan prior to starting your mobile catering career you’ll save yourself more time, pain and potential heartbreak than you can possibly imagine down the line. When I consult with clients, I tell them that building a comprehensive business plan will require somewhere between 50-100 hours, with a corresponding amount of time being contributed by the business owner/client. Never let someone build a business plan for your business without a significant contribution from you(the owner). It is you who has to execute the plan. It is your money and time that is being spent starting and running the business. And it is you who will have to have complete command and understanding of the information contained within the plan, should the assumptions prove to be inaccurate or incomplete and the plan requires updating (as it nearly always does) in the future.

The time to start a Business Plan is before you commit time, money and resources to selling a product. You’ll never have more time than now to make major adjustments to your concept, or to fully understand the complete scope of your future business. Don’t wait until you’re in the middle of startup craziness to attempt this process.

Please refer to these materials from a recent workshop about starting a mobile catering business:
Read part I, “Write Something Down.”
Read part II, “Define Your Market.”
Read part III, Set Realistic Expectations.
Read part IV, Know How to Use Technology (Or Hire Someone Who Does).
Read part V: Be Flexible With Your Vision